Barclays fired managing director David Fotheringhame after an order from a New York regulator two years ago. Now he’s fighting in a London court to get his job back.
Bloomberg News reports that Fotheringhame, who is suing for unfair dismissal, was sacked after a $150 million settlement between Barclays and the Department of Financial Services, New York’s banking regulator. The agency had told the bank in 2015 to “take all steps necessary” to eliminate his post, which paid him 1.2 million pounds ($1.6 million) in 2014.
Barclays had been misusing an electronic trading program by rejecting clients’ currency trades when it showed that they would lose the bank money, the regulator said. Fotheringhame - head of automated flow trading for electronic fixed-income, currencies and commodities, and a managing director - had been involved, it said, telling the bank to “terminate” him in an order in November 2015.
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